Search results for "Rating"
showing 10 items of 2021 documents
Digital competence rating and economic development in the EU
2019
Diffusion of information and communication technologies (ICT) in different areas has accelerated the growth of the global economy. It has large impact to the business by transforming processes, creating new services, industries. ICT development requires new technologies and new approaches to innovate and integrate. The European Commission stated: "The Internet and digital technologies are transforming the lives we lead, the way we work – as individuals, in business, and in our communities as they become more integrated across all sectors of our economy and society". The access to high-speed digital infrastructures, skills of the effective usage of highly developed digital technologies repre…
Sensitivity analysis and process optimization of a natural gas dehydration unit using triethylene glycol
2019
Abstract Dehydration of natural gas by absorption using triethylene glycol (TEG) is a common industrial offshore procedure to ensure the compliance with the required water dew point specifications for midstream transportation. Two thermodynamic models, the UMR-PRU and the TST/NRTL, are applied for the process simulation while a preliminary economic evaluation has been conducted revealing that both yield overall similar results as for the fixed capital cost which is found to be in good agreement with reported literature values. Moreover, sensitivity analysis of several operational parameters of the process has been performed and optimized values are suggested aiming to reduce its energy requ…
The determinants of increasing equity market comovement: economic or financial integration?
2010
This paper investigates to what extent the substantial increase in exposures of local European equity market returns to global shocks is mainly due to a convergence in cash flows (“economic integration”), to a convergence in discount rates (“financial integration”), or to both. We find that this increased exposure is nearly entirely due to increasing discount-rate betas. This finding is robust to alternative ways of calculating discount-rate and cash-flow shocks.
The adjustment of bank ratings in the financial crisis: International evidence
2018
Abstract This paper analyses the adjustment of bank ratings which occurred in the United States, some European countries and Japan as a result of the financial crisis. We use a methodology which allows us to decompose the observed change in the rating into an effect associated with the change in agency rating policies (understood in a broad sense) and into another effect associated with the situation of bank assets. The results obtained show that with the crisis there was a generalised fall in the ratings, caused by both a worsening of the bank asset situation and the hardening of rating policies. Specifically, we find that 39.95% and 19.25% of the fall in ratings in the United States and E…
Sovereign Credit Ratings and Financial Markets Linkages: Application to European Data
2012
We use EU sovereign bond yield and CDS spreads daily data to carry out an event study analysis on the reaction of government yield spreads before and after announcements from rating agencies (Standard & Poor’s, Moody’s, Fitch). Our results show significant responses of government bond yield spreads to changes in rating notations and outlook, particularly in the case of negative announcements. Announcements are not anticipated at 1–2 months horizon but there is bi-directional causality between ratings and spreads within 1–2 weeks; spillover effects especially among EMU countries and from lower rated countries to higher rated countries; and persistence effects for recently downgraded countrie…
Supply chain finance: The role of credit rating and retailer effort on optimal contracts
2021
Abstract Supply chain finance aims at finding the best financing arrangements within a given buyer-supplier dyad. The source of capital can be internal (buyer or supplier) or external (financial institution) to the supply chain. So far, many studies have investigated the optimal mix of the sources of capital; our study aims at contributing to the recent literature that explores the interface of operations and finance extending the supplier-based financing models. As the Covid-19 pandemic hits economic activity, the financial constraints have ever greater importance; knock-on effects of the Covid-19 crisis urges on the critical role of a supply chain that should provide financial resources, …
The association between microfinance rating scores and corporate governance: A global survey
2014
Abstract The global microfinance industry has experienced high growth rates over the past decades, and the World Bank foresees a future market with billions of customers. However, the industry's continued growth is contingent on its ability to create a governance structure that supports microfinance institutions' long-term performance. Because microfinance institutions' performance is multidimensional and difficult to measure, prior research has not been successful in establishing consistent associations between governance structures and microfinance institutions' performance. We apply microfinance rating scores – a unique innovation of the microfinance industry – as a summary performance m…
The determinants of net interest income in the Mexican banking system: An integrated model
2009
This paper analyzes net interest income in the Mexican banking system over the period 1993-2005. Taking as reference the seminal work by Ho and Saunders (1981) and subsequent extensions by other authors, our study models the net interest margin simultaneously including operating costs and diversification and specialization as determinants of the margin. The results referring to the Mexican case show that its high margins can be explained mainly by average operating costs and by market power. Although non-interest income has increased in recent years, its economic impact is low. El trabajo analiza el margen de intermediación de la banca Mexicana en el periodo 1996-2005. Tomando como referenc…
Prediction of type 2 diabetes mellitus based on nutrition data
2021
Abstract Numerous predictive models for the risk of type 2 diabetes mellitus (T2DM) exist, but a minority of them has implemented nutrition data so far, even though the significant effect of nutrition on the pathogenesis, prevention and management of T2DM has been established. Thus, in the present study, we aimed to build a predictive model for the risk of T2DM that incorporates nutrition data and calculates its predictive performance. We analysed cross-sectional data from 1591 individuals from the population-based Cooperative Health Research in the Region of Augsburg (KORA) FF4 study (2013–14) and used a bootstrap enhanced elastic net penalised multivariate regression method in order to bu…
Optimal Operating Point Calculation for Medium Voltage Distribution Systems
2007
The paper deals with the calculation of the optimal working point of a distribution system, equipped with several distributed generators, able to operate also autonomously, i.e. disconnected from the main grid. When connected to the main grid, it appears in general convenient to assign the slack bus role to the bus that represents such a connection. The problem becomes more complex when maximum power transfer constraints through the connection must be taken into account. The adequate slack bus treatment is even more important when the optimal operating condition must refer to the condition subsequent to an intentional or unintentional disconnection from the main grid. The paper presents an …